F&N

F&N: CIMB maintains O/p with $6.61 TP. As expected, management gave little away during the briefing on when and by how much its free float will be restored. Synergies with its Thai shareholders in F&B and property were discussed. These drew some positive guidance. But beyond that, it’s business as usual, for now. House expect more corporate actions to form the share price catalysts. Meanwhile, house retain Outperform call with unchanged TP of $6.61 (still on 20% discount to property RNAV). Estimate the current share price of FNN implies a 34% discount to RNAV for FCL (in line with the sector average), backed by $3.3b of unbooked presales and a low pro forma net gearing of 36%.